Reliance Spinning Mills Closing Auction of 770,640 Shares to Qualified Institutional Investors through Book Building Process from Today
January 28, 2024 | Investopaper
Reliance Spinning Mills Limited is currently issuing IPO through the book building process. The company is auctioning 770,640 lakh shares to the qualified institutional investors from Magh 10, 2080 BS. This is 40 percent of the total public issue. The auction price will range from Rs. 608 to Rs. 912 per share.
The auction will close on Magh 14, 2080 BS.
For this purpose, Securities Board Of Nepal (SEBON) has given permission to the company on Poush 19, 2080 BS. The company had submitted the application to the board on Ashad 31, 2079 BS. Only after the approval from the regulatory body, the company can sell the shares to the public.
The company has appointed Global IME Capital as the issue manager. The agreement was signed by Shashikant Agrawal on behalf of Reliance Spinning Mills and Paras Mani Dhakal on behalf of Global IME Capital.
After issuing the shares to the institutional investors, the company will float 60 percent shares to the public.
About Reliance Spinning Mills
Reliance Spinning Mills is the largest spinning mill of Nepal. Established in 1994 (2051 BS), the company has two factories. It is promoted by Golyan Group in joint venture with Maliram Shivkumar (MS) Group.
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